Compared to 2021, the industry's annual result in 2022 was 52%. higher. Operating revenues of the entire electricity industry increased by 66% and operating costs by 56%.
Tom Jonas Billit from the Norwegian Statistical Office emphasizes that electricity prices have already increased sharply in the second half of 2021, and in 2022 this trend has even intensified. These were the highest recorded electricity prices in the second half of 2022, according to the office's quarterly statistics.
Significant price differences were seen between regions in 2022, with the highest prices in southern Norway. For example, the price of energy without additives for households was 211 øre/kWh in Vestfold and Telemark compared to 39,4 øre/kWh in Nordland.
The average price on the wholesale market in 2022 was 130,3 øre/kWh, which was an increase of 102% compared to the previous year.
Electricity subsidies introduced in December 2021 were valid throughout 2022 and contributed to lower prices for households. Despite this, the total price of energy, network lease and taxes (less electricity subsidies) increased by 11% across the country.
However, subsidies depend on regional price differences, resulting in much less support for the northernmost regions. The annual result of the entire electricity sector, called "Electricity production, transmission and distribution" in the statistics, was NOK 52,3 billion, an increase of 52% compared to 2021.
The dynamic development of the sector is the result of the increase in electricity prices in 2022
A 66,4% increase in operating income in 2021-2022 to NOK 381 billion was opposed by a 55,6% increase in operating costs to NOK 253 billion. Operating profit amounted to NOK 128 billion, an increase of 92,5%.
This dynamic development of the sector is the result of the increase in electricity prices in 2022, which - according to Tom Jonas Billit - affected both revenues and costs.
The largest increase in operating revenues was recorded by hydropower producers, where the increase amounted to NOK 73 billion, an increase of 67,9% compared to 2021. Operating costs increased by 42,7% to NOK 75 billion.
Hydropower producers also recorded the largest increase in annual profit by over 46,2% to over NOK 36 billion. They also earned the largest dividend amount in 2021, reaching almost NOK 19 billion, an increase of 33% compared to the previous year.
Wind energy producers continue to increase their revenues, doubling them in 2022 to NOK 7,7 billion. The increase in annual profit was also almost 40% to NOK 1,4 billion.
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Private enterprises at an almost unchanged level
Wind energy investment continued to decline in 2022, accounting for less than 20% of 2021 investment. Total investments in this type of power plants amounted to just over NOK 1 billion in 2022.
Network companies recorded an increase in operating revenues of almost 14% to over NOK 34 billion in 2022, while operating costs increased by 4,5% to NOK 27 billion. The annual result was almost doubled from NOK 2,3 billion in 2021 to almost NOK 5 billion in 2022.
State-owned enterprises increased their operating revenues by 85% to NOK 94 billion, with operating costs increasing by 44% to NOK 45 billion. The awarded dividend increased by 24% compared to 2021 to over NOK 10 billion.
County/municipal companies increased operating income by 62% to NOK 177 billion. Operating costs increased by 45% to NOK 112 billion. Annual profit increased by 26% to almost NOK 21 billion compared to 2021. Dividend allocation increased by 55% to over NOK 9 billion compared to 2021.
In the case of private enterprises, the amount allocated for dividends in 2022 remains almost unchanged compared to 2021 (less than NOK 3 billion).
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Source: Norwegian Office Statistical
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